June 2023 Fraser Valley Real Estate Market Insights
Welcome to the June 2023 Fraser Valley Presale Pulse episode, a real estate show brought to you by hosts Ryan Lalonde and Brittany Reimer. Watch the video to understand the latest macroeconomics, pre-sale, and resale trends over the last 30 days affecting the local real estate market across the Fraser Valley. In this month's episode of the Pre-Sale Pulse:
On the run? Don't miss a beat. Listen to this episode
Strong Absorption Rates and Impressive Deals in Fraser Valley's Pre-Sale Market
Fraser Valley's pre-sale market saw a relatively quiet period with fewer project launches in May as developers adjusted their strategies to respond to market conditions. However, the projects that did launch experienced strong absorption rates within a short timeframe. Notably, Sequoia achieved an impressive total of 150 deals since May, accounting for approximately 39% of its available units. Despite having larger-than-average unit sizes of 690, Sequoia commanded high-end prices of around $1,100 per square foot in the Surrey market. On the wood-frame side, Fleetwood Village II released Building 4 in April and Building 5 in May, with both phases absorbing 52% of all available units during this period. These successes reflect the continued demand and resilience of the pre-sale market in the Fraser Valley.
Positive Trends and Increased Activity in Fraser Valley's Resale Market
The resale market in May showcased positive trends and increased activity with over 1,700 sales, a 10.1% rise compared to April and a significant 25.8% surge from 2022. Proving that buyers are swiftly adapting to the new reality of high-interest rates. The most notable development was the substantial increase in active listings, reaching 5,558, a 20.0% rise from the previous month. Although this influx of supply is significant, the market remains in a tight seller's market with a sales-to-listings ratio of 35%. The average days on the market decreased to just 9 days in May, indicating pent-up demand beginning to be released. The Home Price Index showed a 1.8% appreciation over the month but a 20.0% depreciation over the year. Despite the current rate environment, the market exhibits promise, especially for pre-sale buyers who secured prices early.
Pre-Sale Projects Covered in this Episode
- Sequoia - ML Emporio Properties
- Fleetwood Village II - Dawson + Sawyer
- King + Crescent - Zenterra
- Silva 3 - Wanson Group
Links mentioned in this episode:
- June 2023 Pre-Sale Pulse Report
- MLA Advisory Services and Sample Reports
- Contact Advisory
- Subscribe to MLA Newswire
Subscribe to the MLA Canada YouTube Channel or find the Pre-Sale Pulse on your favourite audio streaming platform: Apple, Spotify, Amazon Music, iHeart Radio
